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  5. MCX Gold inching closer to all-time high, Crude oil consolidates around ₹6,600; check today's trade setup

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MCX Gold inching closer to all-time high, Crude oil consolidates around ₹6,600; check today's trade setup

Upstox
By Upstox News Desk

3 min read | Updated on January 22, 2025, 19:34 IST

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SUMMARY

The open interest data for the 17 February expiry of crude oil saw significant call and put build-up at 6,600 strike, suggesting range-bound activity around this level.

Crude oil prices stabilised and ended the four-day losing streak after a sharp fall of nearly 4%.

Crude oil prices stabilised and ended the four-day losing streak after a sharp fall of nearly 4%.

Market recap (as of 7:15 pm)

  • Gold 5 Feb Futures: ₹78,555/ 10 gram (▲ 0.42%)
  • Silver 5 March Futures: ₹91,920/ 1 kg (▼ 0.19%)
  • Crude Oil 19 Feb Futures: ₹6,578/ 1 BBL (▲ 0.21%)
Gold: The yellow metal is trading 0.49% higher, with gold February Futures trading 0.48% higher at $2,772 per ounce. Gold prices rose higher for the third consecutive session as demand for safe haven assets grew amid U.S. tariff fears under President Donald Trump’s administration.
Silver: Silver also traded higher, up 0.30% at $31.59 per ounce in the spot market. Precious metal investors will be looking forward to key economic data, including Thursday's initial jobless claims figures from the U.S.
Crude Oil: Oil prices are trading higher on Wednesday, with Brent Futures trading around $79.64, up 0.44%, while WTI Crude traded 0.49% higher around $76.21. Oil prices are experiencing a rollercoaster rally today, with prices in the red in morning trading. Crude oil investors and traders have turned cautious as U.S. President Donald Trump declared a national energy emergency on his first day in office.

President Trump laid out a sweeping plan to maximise oil and gas production, including speeding up approvals for new energy projects, rolling back environmental protections and withdrawing the US from the Paris climate pact.

Technical structure

Gold: The yellow metal extended the bullish momentum for the second day in a row and is currently trading above the immediate resistance zone of ₹79,200. After breaking out from the downward sloping trendline on 15 January, the gold is sustaining above the immediate support zone of ₹78,000 along with all its short term exponential moving averages (EMAs) like 21 and 50.
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Silver: The Silver prices remain at crucial juncture after facing rejection from the downward sloping trendline as it faced crucial resistance around the ₹93,600. However, it reclaimed 50 and 200 EMAs on the daily chart and is currently trading above all its key EMAs. Unless the Silver reclaims ₹93,600 on closing basis, the trend may remain sideways to bearish. Meanwhile, the crucial support is placed around ₹91,000.
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Crude oil: Oil prices stabilised and ended the four-day losing streak after a sharp fall of nearly 4%. It is currently forming an inside candle on the daily chart, signalling a pause. However, unless the crude slips below 21 EMA , the trend may remain range-bound. If crude slips below 21 EMA, it may extend the weakness up to 50 EMA. On the other hand, the bullish momentum will resume if crude reclaims ₹6,800 on closing basis.
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The open interest data for the 17 February expiry of crude oil saw significant call and put build-up at 6,600 strike, suggesting range-bound activity around this level. Meanwhile, the put base remains established at 6,500 strike, indicating support for the index around this zone.

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Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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